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	<item>
		<title>MMR: 5% surge in sales amidst 22% drop in new launches,</title>
		<link>https://squarefeatindia.com/mmr-5-surge-in-sales-amidst-22-drop-in-new-launches/</link>
		
		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Fri, 05 Jul 2024 09:26:23 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[CREDAI MCHI]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[MMR]]></category>
		<category><![CDATA[MMR Report]]></category>
		<category><![CDATA[MMR report in mumbai]]></category>
		<category><![CDATA[Mumbai Real Estate]]></category>
		<category><![CDATA[real estate report]]></category>
		<category><![CDATA[real estate report in mumbai]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=7421</guid>

					<description><![CDATA[<p>CREDAI-MCHI, the apex body of the real estate industry in the Mumbai&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/mmr-5-surge-in-sales-amidst-22-drop-in-new-launches/">MMR: 5% surge in sales amidst 22% drop in new launches,</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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										<content:encoded><![CDATA[
<p>CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), has announced the MMR Housing Report for FY 2024. This detailed report provides critical insights into the Mumbai Metropolitan Region (MMR) real estate market, showcasing significant trends and developments that are shaping the housing landscape.</p>



<p>The MMR Housing Report 2024 reveals notable trends in sales, inventory, and property values across various regions within MMR. According to the report, the overall housing sales in MMR have increased by 5% in FY 2024 compared to FY 2023, reflecting the region’s robust demand for residential properties despite a challenging economic environment. This growth is particularly significant given the backdrop of a 22% decline in new housing launches, indicating a strong absorption rate of available inventory.</p>



<p>Key findings from the report highlight a substantial 41% surge in sales in South Mumbai, driven by the redevelopment of old buildings into high-end luxury projects. Navi Mumbai follows with a 22% increase in sales, bolstered by improved connectivity and infrastructure developments such as the Atal Setu and Navi Mumbai Airport. Despite these positive trends, the report notes a 63% rise in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches.</p>



<p>The report also documents a steady rise in the average value of housing units across MMR. There was a notable 4% increase in FY 2024 compared to the previous fiscal year. Specific regions such as Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar experienced a 7-12% appreciation in apartment values, with the Rest of Palghar region seeing an impressive 25% increase.</p>



<p>Domnic Romell, President of CREDAI-MCHI, stated, “The report unveils critical insights into market dynamics, including a 9% rise in unsold inventories and a notable 4% increase in property prices during Q2 CY’23. These findings underscore our commitment to providing stakeholders with accurate, actionable data, and fostering informed decision-making in this dynamic market. We extend our gratitude to our partners and stakeholders for their ongoing support as we continue to shape the future of MMR real estate.”</p>



<p>An Industry expert associated with the report said, “<a> </a>Despite a slight decline in growth rates of housing sales as expected, MMR still scaled new peaks in housing demand in FY’24. The Demand to Supply ratio in MMR has never been this high. Despite a 22% decline in launches, we saw a 5% growth in sales. Demand across macro-markets which contribute the most – Eastern Suburbs, Western Suburbs, Thane City  – remained strong. Navi Mumbai story is unfolding now with the Atal Setu effect kicking in – launches, demand and pricing – all going upwards in the region, and we expect this to continue in the near future. All Eyes on Aqua – With the Aqua line of Metro launching this year, we expect more hectic activity in regions benefitting from this development. “</p>



<p>The report underscores the dynamic nature of the MMR real estate market, with significant variations in performance across different regions. For instance, while Central Mumbai recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5% increase in unsold units compared to FY 2023, indicating a balanced demand and supply scenario.</p>



<p>All values are for FY’24 as compared to FY’23 unless mentioned otherwise. Green and red values denote highest and lowest values in that particular column respectively.</p>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Areas</strong></td><td><strong>Sales (%)</strong></td><td><strong>New housing launches (%)</strong></td><td><strong>Unsold inventories (%)</strong></td><td><strong>Apartment Values (%)</strong></td></tr><tr><td><strong>MMR</strong></td><td>+5</td><td>-22</td><td>+5</td><td>4</td></tr><tr><td><strong>South Mumbai</strong></td><td>+41</td><td>-50</td><td>+2</td><td>-13</td></tr><tr><td><strong>Central Mumbai</strong></td><td>-17</td><td>-67</td><td>-12</td><td>-7</td></tr><tr><td><strong>Central Suburbs</strong></td><td>+16</td><td>-22</td><td>-2</td><td>0</td></tr><tr><td><strong>Eastern Suburbs</strong></td><td>+9</td><td>-30</td><td>-5</td><td>0</td></tr><tr><td><strong>Western Suburbs</strong></td><td>+13</td><td>-35</td><td>+2</td><td>+3</td></tr><tr><td><strong>Thane City</strong></td><td>+9</td><td>-38</td><td>-2</td><td>+11</td></tr><tr><td><strong>Navi Mumbai</strong></td><td>+22</td><td>+54</td><td>+63</td><td>+10</td></tr><tr><td><strong>Mira Bhayandar</strong></td><td>+15</td><td>-22</td><td>0</td><td>+10</td></tr><tr><td><strong>KDMC & Others</strong></td><td>-5</td><td>-11</td><td>+9</td><td>+5</td></tr><tr><td><strong>Badlapur-Ambernath</strong></td><td>+6</td><td>-32</td><td>+7</td><td>0</td></tr><tr><td><strong>Bhiwandi</strong></td><td>+17</td><td>-45</td><td>+3</td><td>+19</td></tr><tr><td><strong>Greater Thane</strong></td><td>+18</td><td>-10</td><td>+5</td><td>0</td></tr><tr><td><strong>Vasai-Virar</strong></td><td>-6</td><td>-9</td><td>+12</td><td>+12 (FY’21)</td></tr><tr><td><strong>Rest of Palghar</strong></td><td>0</td><td>+50</td><td>+8</td><td>+19 (FY’21)</td></tr><tr><td><strong>Panvel</strong></td><td>-6</td><td>-16</td><td>+9</td><td>+10</td></tr><tr><td><strong>Rest of Raigad</strong></td><td>+24</td><td>+17</td><td>+10</td><td>+25</td></tr></tbody></table></figure>



<p>Also Read: <a href="https://squarefeatindia.com/mulund-thane-corridor-the-soon-to-be-fastest-evolving-micro-market-of-mmr/">Mulund Thane Corridor – the soon-to-be fastest evolving micro market of MMR</a></p>
<p>The post <a href="https://squarefeatindia.com/mmr-5-surge-in-sales-amidst-22-drop-in-new-launches/">MMR: 5% surge in sales amidst 22% drop in new launches,</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Keyblue Realtors signed a Development Deed worth Rs 116 crore in Ambernath</title>
		<link>https://squarefeatindia.com/keyblue-realtors-signed-a-development-deed-worth-rs-116-crore-in-ambernath/</link>
		
		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Tue, 11 Oct 2022 12:25:41 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[agreement for sale]]></category>
		<category><![CDATA[ambernath]]></category>
		<category><![CDATA[bomab irani]]></category>
		<category><![CDATA[development agreement]]></category>
		<category><![CDATA[development deed]]></category>
		<category><![CDATA[KDMC]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[Rustomjee]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=5574</guid>

					<description><![CDATA[<p>Keyblue Realtors Pvt. Ltd. an entity of Rustomjee has signed a development&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/keyblue-realtors-signed-a-development-deed-worth-rs-116-crore-in-ambernath/">Keyblue Realtors signed a Development Deed worth Rs 116 crore in Ambernath</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
]]></description>
										<content:encoded><![CDATA[
<p>Keyblue Realtors Pvt. Ltd. an entity of Rustomjee has signed a development deed in Ambernath within the jurisdiction of Kalyan Dombivali Jurisdiction worth Rs 116 crore.</p>



<p>By Varun Singh</p>



<p>The Kalyan Dombivali Municipal Corporation jurisdiction has seen a mega realty deal, where a development agreement between Keyblue Realtors Pvt. Ltd. an entity of Rustomjee and three landlords was signed.</p>



<p>The deed is worth Rs 116.23 crore and the three landlords include Vaibhav Gaikwad, Bhagwati Jain, and Rakesh Jain. The development deed concerned is located in Ambernath, the land falls in the KDMC jurisdiction.</p>



<p>According to documents made available by <a href="http://indextap.com" target="_blank" rel="noreferrer noopener">CRE Matrix</a>, a real estate data analytics firm, the development deed was signed between both parties on September 30.</p>



<p>The total area mentioned in the agreement copy is 5,10,208 sq ft, where as the total consumption of FSI is 21,32,456 sq ft.</p>



<p>A stamp duty of Rs 5,81,19,600 was paid for the registration of the development deed.</p>



<p>The KDMC area in the last few years has seen a huge development in terms of top realtors eyeing the area. The extended suburbs of Mumbai, KDMC is part of Mumbai Metropolitan Region.</p>



<p>Developers see this market with a development potential for various reasons, with many firms moving to Navi Mumbai especially the Belapur-Thane road, which is closeby to Kalyan and Dombivali vis Shil road, makes this area a lucrative option for developers.</p>



<p>Also compared to many areas in Mumbai, Kalyan and Dombivali rates are still affordable thus helping many make a move. However, the rates have jumped to the higher side in the last few years.</p>



<p>KDMC recently has seen several developments, including big townships and good investments too. Hence, this huge deal doesn’t come as a major surprise, as when an area develops, the land in that area becomes a gold mine and this is happening with almost all the places in and around Mumbai Metropolitan Region.</p>



<p>Also Read: <a href="https://squarefeatindia.com/madhuri-dixit-pays-%e2%82%b948-crore-for-a-house/" target="_blank" rel="noreferrer noopener">Madhuri Dixit pays ₹48 crore for a House</a></p>
<p>The post <a href="https://squarefeatindia.com/keyblue-realtors-signed-a-development-deed-worth-rs-116-crore-in-ambernath/">Keyblue Realtors signed a Development Deed worth Rs 116 crore in Ambernath</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Affordable Homes may become Unaffordable</title>
		<link>https://squarefeatindia.com/affordable-homes-may-become-unaffordable/</link>
		
		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Mon, 28 Mar 2022 18:33:00 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[affordabke rates]]></category>
		<category><![CDATA[Affordable]]></category>
		<category><![CDATA[Affordable homes]]></category>
		<category><![CDATA[Affordable housing]]></category>
		<category><![CDATA[construction cost]]></category>
		<category><![CDATA[CREDIA MCHI]]></category>
		<category><![CDATA[homes affordable]]></category>
		<category><![CDATA[Lockdown]]></category>
		<category><![CDATA[Maharashtra Real Estate Regulatory Authority]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[raw material]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=4574</guid>

					<description><![CDATA[<p>Affordable homes in Mumbai’s nearby areas may become affordable, the reason being&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/affordable-homes-may-become-unaffordable/">Affordable Homes may become Unaffordable</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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										<content:encoded><![CDATA[
<p>Affordable homes in Mumbai’s nearby areas may become affordable, the reason being the rising input cost of raw materials.</p>



<p>By Varun Singh</p>



<p>Affordable homes may soon become unaffordable, the reason being the rising input cost of raw materials. Now the apex body of real estate developers in the city CREDAI-MCHI has sought government intervention for introducing new measures to control rising input costs.</p>



<p>From raising prices of unsold inventory to reducing supply chain costs, tops the consideration list for CREDAI-MCHI. The apex body for real estate developers confirmed that it looking at rigorous measures to control the rising input cost of raw material which catapulted the cost of construction to the tune of Rs 400-600 per square feet in the affordable housing segment. This has negatively impacted the developers nationwide as the pressure continues to pile on.</p>



<p>While CREDAI-MCHI denied claims of halting construction work in the state as of now but will consider if other ongoing measures don’t provide necessary respite. Some of the measures that are currently being considered include raising the prices of the unsold inventory which has not been delivered, by 10-15% to cover the rising input costs. This move will not only impact the 2,773 projects which were approved by MCGM in 2021 but many more to the extent of 2.60 lakh units over the course of the next three years.</p>



<p>While the recent plea for deferment of the Metro Cess along with discussions on reducing the stamp duty, reforms CREDAI-MCHI continues to stress upon, Secretary Dhaval Ajmera stated, “AS an apex body, we are deeply concerned about the evolving situation on increasing costs of raw materials like steel, cement and its strong impact on affecting the ongoing growth. Developers have absorbed this incremental cost for a long time now and will now look at passing it on to the homebuyers as they have no choice. We will continue to engage in dialogues with various ministries and concerned authorities to consider our recommendations regarding gradual reduction in steel exports, input tax credits being allowed under the GST scheme and the tax saving option of section 80-IB to be extended to the affordable housing category.”</p>



<figure class="wp-block-image size-full"><img fetchpriority="high" decoding="async" width="1024" height="634" src="https://squarefeatindia.com/wp-content/uploads/2022/03/Costruction-Marterila-cost-comparsion.jpeg" alt="Affordable home may not remain affordable because of the hike in cost of raw materials." class="wp-image-4575" srcset="https://squarefeatindia.com/wp-content/uploads/2022/03/Costruction-Marterila-cost-comparsion.jpeg 1024w, https://squarefeatindia.com/wp-content/uploads/2022/03/Costruction-Marterila-cost-comparsion-300x186.jpeg 300w, https://squarefeatindia.com/wp-content/uploads/2022/03/Costruction-Marterila-cost-comparsion-768x476.jpeg 768w, https://squarefeatindia.com/wp-content/uploads/2022/03/Costruction-Marterila-cost-comparsion-800x495.jpeg 800w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Affordable home may not remain affordable because of the hike in cost of raw materials.</figcaption></figure>



<p>While the price hike forecast was long foreseen given the steep rise in prices of steel, cement, aluminum, PVC rose sharply between 30-100% during the last year itself, the continuously dynamic situation has not helped provide a conducive environment for business as well. Now as an impact of the war, rising, cement and steel prices along with the rise in prices for fuel, have turned into one of the main points of concern.</p>



<p>The rise in pet coke, coal, and fuel coasts as well as freight rates, are all contributing to an increase in cement prices, one of the most integral part raw materials for the real estate industry. While the sector has remained resilient, more than a 40% increase in raw material prices is a concerning sign for the realty industry.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<div class="cs-embed cs-embed-responsive"><iframe title="Affordable Homes May become Unaffordable" width="1200" height="675" src="https://www.youtube.com/embed/A5GGFveSUyk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe></div>
</div><figcaption>Watch this video on YouTube</figcaption></figure>



<p>A recent report by CREDAI-MCHI drew insights based on the analytics drawn in the MMR Housing report, which foresees a 7-8% price rise over the next 12 months if the quarterly rise of 2% price hike continues into the current year. The forecast is that prices will rise much more in the coming quarter given the current disruptions in Russian and Ukrainian businesses as well as daily increment in fuel prices, this could lead to an impediment to the growth of the sector. CREDIA has urged the government to show promising support and intervene in price escalation.</p>



<p>Saransh Trehan, Managing Director, Trehan Group said, “Prices of cement and steel have increased sharply over the last two years. Steel price has increased over 100%, whereas cement price has gone up by more than 30% in the last two years. Similarly, be it cost of aluminium materials, electric wire, Paints, stone all are up by more than 50% during the same period. This has led to a sharp increase in our per square feet construction cost. We have not been able to pass on the increase in input cost to customers. But relentless rise in input costs is hurting our profit margins in a big way, and forcing us to think about the future course of action.”</p>



<p>Also Read: <a href="https://squarefeatindia.com/cost-of-construction-up-10-12-likely-to-push-up-real-estate-prices/" target="_blank" rel="noreferrer noopener">Cost of construction up 10-12% likely to push up real estate prices</a></p>
<p>The post <a href="https://squarefeatindia.com/affordable-homes-may-become-unaffordable/">Affordable Homes may become Unaffordable</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Real Estate better option than Gold?</title>
		<link>https://squarefeatindia.com/real-estate-better-option-than-gold/</link>
		
		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Wed, 23 Mar 2022 18:31:00 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[Builders]]></category>
		<category><![CDATA[CREDAI MCHI]]></category>
		<category><![CDATA[dr Sanjay pandey]]></category>
		<category><![CDATA[gold]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[investment in real estate]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[Mumbai Police]]></category>
		<category><![CDATA[Mumbai Police Commissioner]]></category>
		<category><![CDATA[mumbai police unhappy]]></category>
		<category><![CDATA[Mumbai Real Estate]]></category>
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		<category><![CDATA[Police commissioner]]></category>
		<category><![CDATA[real estate investment]]></category>
		<category><![CDATA[sanjay pandey]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=4559</guid>

					<description><![CDATA[<p>By Annuj Goel Gold has always been a favourite investment vehicle of&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/real-estate-better-option-than-gold/">Real Estate better option than Gold?</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
]]></description>
										<content:encoded><![CDATA[
<p>By Annuj Goel</p>



<p>Gold has always been a favourite investment vehicle of Indian households as many people transfer the yellow metal from one generation to another. The biggest advantage of Gold is that one can be flexible with investment size or the amount. Whether you have to put in Rs1000 or Rs 1 crore +, gold is accessible to everyone to buy. Also, gold is highly liquid.</p>



<p>Real Estate also scores high for investment purposes but in comparison to gold, real estate requires bigger funds and the buyer needs to have long holding power. Well, real estate can be an attractive long-term investment option where the property value increases over time. So, if approached in the right way, real estate can deliver you incredible profits.</p>



<p>The one thing that is common between gold and real estate is that both have a strong sentimental value for the Indian investors, with strong reliability and sustained nature. So how do you choose where to spend your money if you have a sizeable amount to invest?</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<div class="cs-embed cs-embed-responsive"><iframe title="Yet another fire in Mumbai building" width="1200" height="675" src="https://www.youtube.com/embed/j3bkThgO_ZA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe></div>
</div><figcaption>Watch this video on YouTube</figcaption></figure>



<p>Well, I would recommend real estate any day as there are various reason because of which real estate scores over gold. Let’s have a look at them:</p>



<p><strong>Passive Income<br></strong>Real-estate has the potential to create regular income with additional tax benefits.Whether residential or commercial, real estate has the potential to generate passive income for the investors in form of monthly rentals in cash, which gold investments cannot do.</p>



<p><strong>Rate of Return<br></strong>History suggests that real estate can give up to 15 percent of annual return, thanks to rising rentals. The value of property improves with the market and economy. On the other hand, gold is used to hedge against inflation, which means that the return from gold is in line with the inflation, which is aimed low by all governments. Also, gold shines, when your paper currency is depreciated, making the return nominal.</p>



<p><strong>Volatility and Risk<br></strong>Real Estate is a highly stable investment option, which comes with low risk. Property brings mental satisfaction due to it securing your future. On the other hand, gold is a commodity, which is traded on the bourses. It comes with higher volatility and risks of being stolen.</p>



<p><strong>Expenses add to the Value<br></strong>One may argue the property incurs the cost of maintenance and renovations, unlike gold which is altered at will. However, this cost not only appreciates your asset, but also allows you to take taxation benefits.</p>



<p><strong>Long- term Value Creation<br></strong>It is a no brainer that the value of real estate increases, the longer you hold it. It is simply because you can not create land and with rising population, the demand increases, which ultimately leads to price rise. On the other hand, gold can be purchased into digital form as well. This might reduce the risk of being stolen, but still is an intangible asset.</p>



<p><strong>Aids the Economy<br></strong>Real estate might require large funds, but survival of a lot of sectors depend upon it. From debt servicing, cement, housing finance, building materials and various others depend upon real estate at large. It also creates a large number of informal and indirect employment opportunities, serving the economy at large.</p>



<p><strong>Tax Benefits<br></strong>The investment in real estate comes with numerous tax benefits such as tax deduction on mortgage interest, operating expenses and legal costs, property taxes and depreciation.</p>



<p>The real estate investment is not only a safe investment but can generate better returns over a period of time while you are still earning a regular income if you are using it as a rental property. It is a great investment option for many reasons such as a fantastic tax advantage, and you can leverage it to build wealth and assets.</p>



<p>Annuj Goel is Chairman & MD Goel Ganga Developments.</p>



<p>Note: Views Expressed by the author solely belongs to him, not that of SquareFeatIndia.</p>



<p>Also Read: <a href="https://squarefeatindia.com/will-real-estate-continue-to-offer-a-profitable-return-on-investment/" target="_blank" rel="noreferrer noopener">Will Real Estate continue to offer a profitable Return on Investment</a></p>
<p>The post <a href="https://squarefeatindia.com/real-estate-better-option-than-gold/">Real Estate better option than Gold?</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Police Commissioner is Upset With Mumbai Builders, here’s why</title>
		<link>https://squarefeatindia.com/police-commissioner-is-upset-with-mumbai-builders-heres-why/</link>
		
		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Mon, 21 Mar 2022 18:31:00 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[Builders]]></category>
		<category><![CDATA[CREDAI MCHI]]></category>
		<category><![CDATA[dr Sanjay pandey]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[Mumbai Police]]></category>
		<category><![CDATA[Mumbai Police Commissioner]]></category>
		<category><![CDATA[mumbai police unhappy]]></category>
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		<category><![CDATA[sanjay pandey]]></category>
		<category><![CDATA[unhappy]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=4546</guid>

					<description><![CDATA[<p>Police Commissioner of Mumbai, Sanjay Pandey is upset with builders of the&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/police-commissioner-is-upset-with-mumbai-builders-heres-why/">Police Commissioner is Upset With Mumbai Builders, here’s why</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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<p>Police Commissioner of Mumbai, Sanjay Pandey is upset with builders of the city, he has a reason for it and he explained it in detail.</p>



<p>By Varun Singh</p>



<p>Since the time Mumbai got a new police commissioner in the form of Sanjay Pandey he has been interacting with citizens via different modes.</p>



<p>In his third Facebook <a href="https://www.facebook.com/100066410464886/videos/381166433572249/" target="_blank" rel="noreferrer noopener">live</a> the police commissioner told the the city why was he upset with the builder community.</p>



<p>The police commissioner is upset because citizens are being harassed.</p>



<p>The Mumbai Police last week took action against Mahavir Developers in Chembur for carrying out work during the night.</p>



<p>The police commissioner himself informed via his live that under section 115 or Bombay Police act action was taken against the Developer in Chembur.</p>



<p>He said, “Builders work under limits, work till 10 pm.”</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<div class="cs-embed cs-embed-responsive"><iframe loading="lazy" title="Why is Mumbai Police Commissioner Upset With Builders" width="1200" height="675" src="https://www.youtube.com/embed/rSkLrsFChXw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe></div>
</div><figcaption>Watch this video story on YouTube</figcaption></figure>



<p>The police commissioner sounded unhappy with the apex body of developers in the city. He said, “I had called MCHI and they thought, saheb must be saying all this, but nothing will happen, OK, I think we had called those fellows, developers and given them warning, shall not misuse rights given to you (builders). But it appears this has not been listened to. Hold on, yesterday we took action in Chembur under Bombay Police act, but now we will take action under IPC.”</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>“You (builders) are getting very good business, limit your happiness to yourselves. Do not cause sadness to everybody else.”</p><cite>Mumbai Police Commissioner, Sanjay Pandey.</cite></blockquote>



<p>The commissioner even asked developers to limit their happiness to themselves.</p>



<p>He said, “You (builders) are getting very good business, limit your happiness to yourselves. Do not cause sadness to everybody else.”</p>



<p>He delivered his final message to developers saying that. “My message to builders; do not harass citizens, do not take law into your hand.”</p>



<p>The police commissioner was very clear with his message, which means developers not working according to the set law will face the music.</p>



<p>Also Read: <a href="https://squarefeatindia.com/builder-fined-rs-1-lac-for-rera-violation/" target="_blank" rel="noreferrer noopener">Builder fined Rs 1 lac for RERA Violation</a></p>
<p>The post <a href="https://squarefeatindia.com/police-commissioner-is-upset-with-mumbai-builders-heres-why/">Police Commissioner is Upset With Mumbai Builders, here’s why</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Not Mumbai but this city sells more homes in MMR</title>
		<link>https://squarefeatindia.com/not-mumbai-but-this-city-sells-more-homes-in-mmr/</link>
		
		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Mon, 24 Jan 2022 18:37:00 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[colliers]]></category>
		<category><![CDATA[CRE MAtrix]]></category>
		<category><![CDATA[CREDAI]]></category>
		<category><![CDATA[CREDAI-MCHI]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[MCHI report]]></category>
		<category><![CDATA[MMR]]></category>
		<category><![CDATA[Mumbai Real Estate]]></category>
		<category><![CDATA[Mumbai realty]]></category>
		<category><![CDATA[real estate investment tips]]></category>
		<category><![CDATA[REport]]></category>
		<category><![CDATA[Thane]]></category>
		<category><![CDATA[tips on realty]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=4319</guid>

					<description><![CDATA[<p>Many would think, that Mumbai would top the list of home sales&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/not-mumbai-but-this-city-sells-more-homes-in-mmr/">Not Mumbai but this city sells more homes in MMR</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
]]></description>
										<content:encoded><![CDATA[
<p>Many would think, that Mumbai would top the list of home sales in the Mumbai Metropolitan Region. However, the truth is different, this city in MMR sells more homes.</p>



<p>By Varun Singh</p>



<p>Mumbai is the financial capital of the country and hence, the realty prices over here are also sky high. Mumbai’s real estate is always the talking point in the country.</p>



<p>There mostly is a presumption that, Mumbai sells a lot of home, and that could be one reason why many presume that at least in Mumbai Metropolitan Region (MMR) it would be the top home selling city.</p>



<p>However, that’s not true it isn’t Mumbai that sells the most homes, instead it is a different city and this city has been selling more homes than Mumbai for the last three consecutive years.</p>



<p>The year 2021 saw the highest residential registrations in MMR in recent times at about 242,000 units, a 53% increase from 2020 and a 20% increase even over 2019 says a research report, conducted jointly by CREDAI MCHI, Colliers and CRE Matrix.</p>



<p>So which city sold the most homes, the best way to look at sales is analyzing the registration figures and this data clearly shows that Mumbai is far behind in sales when compared to this city.</p>



<p>So not keeping much of it as a surprise, Thane sold the maximum number of homes in MMR. </p>



<p>Thane in the year 2021 saw 1.02 lakh property registrations, which is way higher than 77,137 home sales that Mumbai city and Mumbai suburban witnessed. </p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="843" height="331" src="https://squarefeatindia.com/wp-content/uploads/2022/01/Mumbai-is-very-far-when-it-comes-to-registration.jpg" alt="Mumbai city and Mumbai suburbs both sold way less homes than Thane." class="wp-image-4320" srcset="https://squarefeatindia.com/wp-content/uploads/2022/01/Mumbai-is-very-far-when-it-comes-to-registration.jpg 843w, https://squarefeatindia.com/wp-content/uploads/2022/01/Mumbai-is-very-far-when-it-comes-to-registration-300x118.jpg 300w, https://squarefeatindia.com/wp-content/uploads/2022/01/Mumbai-is-very-far-when-it-comes-to-registration-768x302.jpg 768w, https://squarefeatindia.com/wp-content/uploads/2022/01/Mumbai-is-very-far-when-it-comes-to-registration-800x314.jpg 800w" sizes="auto, (max-width: 843px) 100vw, 843px" /><figcaption>Mumbai city and Mumbai suburbs both sold way less homes than Thane.</figcaption></figure>



<p><strong>Government collections swell on spurring sales, despite rate cuts and discounts</strong></p>



<p>In MMR, the trigger in home sales in 2021 led to 81% higher stamp duty collections YOY, almost touching 2019 levels. The Brihanmumbai Municipal Corporation (BMC) also saw a massive upsurge in premium collections as it crossed INR 11,000 crore before the end of December 2021. The average collection over the past 10 years have been in the range of INR 3500- 4000 crore, which shot up manifold.</p>



<p>At the same time, in FY 2020-21, property tax collections hit a 10 year-high with collections of INR 5,135 crore meeting 98% of the projected. Property tax is the second biggest source of revenue for the municipal corporation of Greater Mumbai after Goods and Services Tax (GST). </p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<div class="cs-embed cs-embed-responsive"><iframe loading="lazy" title="Akshay Kumar buys a home in Mumbai, know the price here" width="1200" height="675" src="https://www.youtube.com/embed/sgkWLtXnG2o?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe></div>
</div><figcaption>Watch this story on YouTube</figcaption></figure>



<p><strong>Affordable and lower-mid segment sales see a fillip; registrations up 22% from 2019</strong></p>



<p>Cut in stamp duty gave fillip to affordable and mid segment (<INR1 cr). Property registrations in these segments rose 22% in 2021, over 2019. Sales in this segment accounted for 39% of the total sales during 2021. Majority of the sales were seen in Thane, with western suburbs a distant second.</p>



<p><strong>Luxury makes a comeback, led by Central Mumbai</strong></p>



<p>Demand in luxury segment bounced back after several years. Sales in the luxury segment (>INR3 cr) almost doubled in 2021, compared to 2019. Luxury sales accounted for the highest share in three years, at 28% of the sales in 2021. Majority of the sales were in Central Mumbai, followed by Western Suburbs. </p>



<p>While reduction in stamp duty, reduction in premiums and levies and assistance to migrant workers has helped real estate market of MMR gain its lost ground, it is important to provide continued assistance until uncertainty led by pandemic looms over. Implementing some more recommendations mentioned above like continuation in providing concessions and ease in clearances by government will provide the much-needed thrust to the sector and help it remain buoyant.</p>



<p>Also Read:<a href="https://squarefeatindia.com/contrary-to-reports-developers-witness-increase-in-migrant-labourers-at-sites-mchi/" target="_blank" rel="noreferrer noopener">Contrary To Reports Developers Witness Increase In Migrant Labourers At Sites: MCHI</a></p>
<p>The post <a href="https://squarefeatindia.com/not-mumbai-but-this-city-sells-more-homes-in-mmr/">Not Mumbai but this city sells more homes in MMR</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Mumbai sells 7857 units in June, Sales up from May</title>
		<link>https://squarefeatindia.com/mumbai-sells-7857-units-in-june-sales-up-from-may/</link>
					<comments>https://squarefeatindia.com/mumbai-sells-7857-units-in-june-sales-up-from-may/#respond</comments>
		
		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Wed, 30 Jun 2021 18:56:55 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[CREDAI]]></category>
		<category><![CDATA[CREDAI MCHI]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[Mumbai]]></category>
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		<category><![CDATA[Registration]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=3357</guid>

					<description><![CDATA[<p>Mumbai in the month of June saw a total of 7,857 sales,&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/mumbai-sells-7857-units-in-june-sales-up-from-may/">Mumbai sells 7857 units in June, Sales up from May</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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<p>Mumbai in the month of June saw a total of 7,857 sales, this is up from May, where 5,360 sales took place. Developers feel the sales figures will see a rise in the coming months.</p>



<p>By Varun Singh</p>



<p>In the month of May, the total sales in Mumbai were 5,360 sales, which was almost 50% down when compared to the April figures, which stood at 10,135 sales.</p>



<p>However, June has given hope to the real estate community with sales <a href="http://igrmaharashtra.gov.in" target="_blank" rel="noreferrer noopener">figures</a> reaching 7,857 units. Developers feel that sales in the coming days will pick up.</p>



<p>The total revenue generated from these sales in the month of June stood at Rs 420 crore.</p>



<p>Between September 2020 to March 2021, the state government gave several relaxations in stamp duty. </p>



<p>This had accelerated the growth in the numbers of registration in the city and the state. </p>



<p>In the June figures there are is a possibility of many registrations of which stamp duty was paid way back in March, and were allowed to register within a specific period. </p>



<p>Here is what real estate industry experts had to say on the rise in sales in June 2021 in the city of Mumbai.</p>



<p>Manju Yagnik, Vice-Chairperson Nahar Group and Senior Vice President, NAREDCO Maharashtra, said, “The pandemic has proved to be a good opportunity for first-time home buyers and end-users to take advantage of the bottomed-out prices and low-interest rate regime. Both Mumbai and the MMR region are seeing steady sales growth, and projects which are available at all-time best affordability in Mumbai and the surrounding MMR region are driving the sales. Secondly, the increased availability of budget and mid-range segments homes and that too in townships with ready social infra and packed with wellness quotient have attracted the buyers converting into sales. The ongoing pandemic and new-normal trends like work-from-home and e-schooling will further contribute to sales in the coming months. We request the state government to support the industry facing difficult times in the second wave and reintroduce the stamp duty waiver till March 2022, which will encourage buyers to invest in real estate.”</p>



<p>Deepak Goradia, President, CREDAI MCHI, said, “While the property registrations and stamp duty revenue may have marginally increased in June, which is largely due to the spillover effect from previous months, the overall momentum has definitely been affected due to the decision to not extend the stamp duty rebate. The second wave has also played a part in subdued homebuyer sentiments which have been validated by CREDAI’s report on the impact of the same. The second wave has also evidently resulted in decreased collections for the State Government – with June accounting for roughly 50% of the total collections in March 2021, underlining the need for a stamp duty cut which is also the demand of 77% of developers of the country, to ensure that the momentum of real estate and economic revival stays on its tracks.”</p>



<p>Anand Gupta, chairperson, Housing and RERA committee Of Builders Association of India, “Opening up of economic activity from lockdown of April May by Maharashtra Government in the majority of the sectors has improved the sentiments and confidence of buyers. More than 7,500 sales getting registered is definitely a result of that. I feel it will go further up in July.”</p>



<p>Also Read: <a href="https://squarefeatindia.com/in-march-2021-alone-state-collected-9k-crore-from-registration-in-entire-2020-it-was-11k-crore/" target="_blank" rel="noreferrer noopener">In March 2021 Alone State Collected 9K Crore From Registration, In Entire 2020 It Was 11K Crore</a></p>
<p>The post <a href="https://squarefeatindia.com/mumbai-sells-7857-units-in-june-sales-up-from-may/">Mumbai sells 7857 units in June, Sales up from May</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Can Stamp Duty Cut Boost Homebuying?</title>
		<link>https://squarefeatindia.com/can-stamp-duty-cut-boost-homebuying/</link>
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		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Mon, 21 Jun 2021 18:34:00 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[CREDAI]]></category>
		<category><![CDATA[magicbricks]]></category>
		<category><![CDATA[MCHI]]></category>
		<category><![CDATA[Mumbai]]></category>
		<category><![CDATA[Mumbai Real Estate]]></category>
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		<category><![CDATA[Stamp duty]]></category>
		<category><![CDATA[Stamp Duty Cut]]></category>
		<guid isPermaLink="false">https://squarefeatindia.com/?p=3327</guid>

					<description><![CDATA[<p>Stamp duty cut can end up improving homebuyers sentiments says a recent&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/can-stamp-duty-cut-boost-homebuying/">Can Stamp Duty Cut Boost Homebuying?</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
]]></description>
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<p>Stamp duty cut can end up improving homebuyers sentiments says a recent survey. It was also visible via registration figures when Mumbai and Maharashtra recorded a huge rise in sales when the government had announced a stamp duty cut.</p>



<p>By Varun Singh</p>



<p>Developers across the city and state have been asking the government to once again announce the stamp duty cut, which they felt had improved the sentiments of homebuyers.</p>



<p>Earlier this month, the developers’ community had even written to the government to reduce the stamp duty.</p>



<p>A recent survey now has revealed that even homebuyers feel ‘stamp duty cut’ can improve homebuying sentiments.</p>



<p>Reduction in stamp duty can improve buyers’ sentiment; More than 80% of prospective buyers say they would purchase a house if stamp duty charges are cut, reveals Magicbricks Consumer Poll.</p>



<p>The sruvey revealed that, reduction of stamp duty by their respective states can influence them to buy a house.</p>



<p>Property registration and stamp duty charges range between 5%-9% on an average across the country and add significantly to the overall cost of the property and also act as a deterrent for many first-time home buyers.</p>



<p>But ever since the outbreak of the pandemic in 2020, state governments like Maharashtra and Karnataka have already taken the lead in cutting stamp duty.</p>



<p>In the latest poll conducted by <a href="http://magicbricks.com" target="_blank" rel="noreferrer noopener">Magicbricks</a>, an overwhelming 83% of the respondents feel that a cut in stamp duty would prompt them to buy a house, while 17% feel that it would have no impact on their purchasing decision.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>“We have witnessed a 114% rise in housing sales in Maharashtra during the period of stamp duty cuts, between September 2020 and March 2021. But ever since the expiry of the stamp duty period, we are seeing a dip in sales. This is contrary to the constant rise in demand for housing and home loans that we are witnessing on our platform. With Work-For-Home emerging as the new normal, people are looking for bigger size houses with an extra room and hence the state governments should consider offering stamp duty holidays that would lessen the burden on homebuyers.”</p><cite>Sudhir Pai, CEO, Magicbricks</cite></blockquote>



<p>Last year, the Maharashtra government had rolled out concessions in stamp duty for sale transactions, following which, it became the first state to reduce the stamp duty charges in two slabs.</p>



<p>This resulted in a significant rise in the number of property transactions and subsequent registrations in the state. Many real estate bodies and groups have been advocating for stamp duty subsidies and more states are expected to follow Maharashtra’s stamp duty model.</p>



<p>To boost real estate, the Karnataka government had also reduced stamp duty charges to 3% from 5% for properties priced between Rs.35 lakh and Rs.45 lakh.</p>



<p>Thereafter, the Delhi government slashed the circle rates by 20% to reduce the financial burden. Various bodies suggested that state governments reduce the stamp duty charges to boost the real estate sentiments and thereby boost realty sales in their respective states.</p>



<p>With the second wave of COVID 19 impacting the real estate sector, many stakeholders are looking at the state governments to help them come out of these difficult times.</p>



<p>Also Read: <a href="https://squarefeatindia.com/will-govt-reduce-stamp-duty-to-2-from-5/" target="_blank" rel="noreferrer noopener">Will Govt Reduce Stamp Duty To 2% From 5%?</a></p>
<p>The post <a href="https://squarefeatindia.com/can-stamp-duty-cut-boost-homebuying/">Can Stamp Duty Cut Boost Homebuying?</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>Covid -19 Boosts Demand For Bigger Homes</title>
		<link>https://squarefeatindia.com/covid-19-boosts-demand-for-bigger-homes/</link>
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		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Wed, 16 Jun 2021 18:34:00 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[COVID]]></category>
		<category><![CDATA[Covid -19]]></category>
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		<guid isPermaLink="false">https://squarefeatindia.com/?p=3312</guid>

					<description><![CDATA[<p>Covid -19 has boosted the demand for Bigger Homes amid Increasing sizes&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/covid-19-boosts-demand-for-bigger-homes/">Covid -19 Boosts Demand For Bigger Homes</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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<p>Covid -19 has boosted the demand for Bigger Homes amid Increasing sizes of 1-2 BHK Properties: CREDAI MCHI – CRE Matrix Report</p>



<p>By Varun Singh</p>



<p>Covid -19 has led to a boost in demand for bigger homes. Work From Home trend is compelling homebuyers to seek bigger flats with an extra 50-80 sq ft. </p>



<p>In the last 1 year, owing to new work from home trend amid the COVID-19 led pandemic, homebuyers are now seeking bigger 1-2 BHK units to accommodate the ‘new normal’ practices requiring more space at residential properties.</p>



<p>The average size of flats now being built by developers has also increased to 542 square feet, signaling the flexibility of developers to cater to the demands of homebuyers during an unprecedented era.</p>



<p><a href="https://www.mchi.net/" target="_blank" rel="noreferrer noopener">CREDAI MCHI</a>, in association with its Knowledge Partner CRE Matrix, recently unveiled the ‘MMR Home Size Report’, tracing the most pertinent homebuying trends of MMR residential real estate transactions in the last 6 years, including the post Covid -19 era. </p>



<p>Divided into the most important housing markets in MMR, the key takeaways from the report are as follows;</p>



<ul class="wp-block-list"><li>In South Mumbai, Units sized between 630-1150 account for 47% of homes booked in the last 6 years, with 3-3.5 BHK ranging between 801- 980 sq feet garnering maximum demand</li><li>In Central Suburbs, Units sized between 385–750 sq ft account for 54% of homes booked in the last 6 years, with 3-3.5 BHK ranging between 1087- 1170 sq feet garnering maximum demand</li><li>Similarly, in eastern and western suburbs, demand for 2/2.5 BHKs between 420-880 sq feet witnessed the highest demand</li><li>In Navi Mumbai, 2/2.5 BHKs between 340 – 640 sq feet have been the most sought after, accounting for 74% of the total housing demand in the region in the last 6 years</li></ul>



<p>Deepak Goradia, President, CREDAI MCHI, said “What we’ve primarily discovered through the comprehensive report is that while small housing units still see maximum demand from homebuyers, developers have been flexible enough to increase the carpet area of the newly constructed flats in the past year or so to ensure that homebuyers are able to accommodate the ‘work from home’ adopted model more seamlessly in bigger homes. Hence, we’ve witnessed sizes of 1-2 BHKs expand while 3-4 BHKs become slightly more compact, signaling the changing trend in MMR Real Estate.”</p>



<p>Also Read: <a href="https://squarefeatindia.com/which-area-in-mmr-sold-most-houses-last-quarter/" target="_blank" rel="noreferrer noopener">Which Area In MMR Sold Most Houses Last Quarter?</a></p>
<p>The post <a href="https://squarefeatindia.com/covid-19-boosts-demand-for-bigger-homes/">Covid -19 Boosts Demand For Bigger Homes</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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		<title>2nd Wave: 95% Developers Fear Project Delays</title>
		<link>https://squarefeatindia.com/2nd-wave-95-developers-fear-project-delays/</link>
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		<dc:creator><![CDATA[SquareFeatIndia]]></dc:creator>
		<pubDate>Thu, 10 Jun 2021 18:40:00 +0000</pubDate>
				<category><![CDATA[Realty]]></category>
		<category><![CDATA[2nd COVID Wave]]></category>
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					<description><![CDATA[<p>First-Ever CREDAI Report says 95% of developers fear project delays due to&#8230;</p>
<p>The post <a href="https://squarefeatindia.com/2nd-wave-95-developers-fear-project-delays/">2nd Wave: 95% Developers Fear Project Delays</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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<p>First-Ever CREDAI Report says 95% of developers fear project delays due to the 2nd COVID wave; the Industry seeks urgent relief for recovery.</p>



<p>By Varun Singh</p>



<p>The Confederation of Real Estate Developers’ Associations of India (CREDAI) released findings of its industry survey conducted across North, East, West, and South zones between 24th May and 3rd June 2021, to assess the impact of the second wave of COVID-19 on the real estate sector in India.</p>



<p>Conducted with a stratified sampling method, the exploratory survey witnessed first-of-its-kind extensive participation of 4,813 developers from 217 cities, providing crucial insights on the industry sentiment and the range of challenges faced by the real estate sector.</p>



<p>According to the survey report, over 95% of developers feel inevitable project delays if no urgent relief measures are injected into the sector by the Government and RBI. These delays are attributed to a range of factors, with 92% of developers experiencing labour shortages at sites, 83% of developers are working with less than half the workforce, and over 82% of developers are facing project approval delays.</p>



<p>Remarking on the study outcomes, Harsh Vardhan Patodia, President, CREDAI National said, “The real estate sector showed tremendous resilience in bouncing back on a cautious recovery path post the first wave, despite little relief measures. However, the second wave has prompted us to reflect and re-evaluate the growth path of the industry, and we felt it was vital to assess the challenges faced by the customers and industry partners in light of the recent developments. The findings reveal that the second wave has had a more debilitating impact on the real estate sector than the first wave.”</p>



<p>Added factors such as a recent spike in construction materials including steel, cement, etc have contributed to a more than 10% increase in construction cost for more than 88% of developers. Various financial constraints and liquidity crunch are further adding to the problem, with 77% of developers experiencing issues in servicing of existing loans, 85% developers facing disruptions in the planned collection, and 69% are facing issues in the disbursement of customer home loans.</p>



<p>The survey findings by the body of real estate developers also puts the spotlight on changing consumer behaviour, resulting in a slowing of demand due to a decrease in enquiries and site visits. A staggering 98% of developers are facing reduced customer enquiries and 42% of developers are experiencing a 75% decline in customer enquiries. Furthermore, the report reveals that the second wave has caused 95% of customers to postpone their purchase decisions.</p>



<p>CREDAI’s Covid Impact Analysis Report is probably India’s most comprehensive and credible Real Estate Survey as it comes straight from developers across the nation and projects the ground reality. The impact analysis report will be shared with the concerned ministries and all relevant stakeholders.</p>



<p>“We have made a representation to the government citing the current survey and requesting the government to infuse urgent financial stimulus and initiate quick progressive measures to assist recovery. As a part of our presentations, we have requested for liquidity infusion, one-time restructuring of loans, across the board 6 months extension of completion date by Rera, stamp duty reduction or waiver, moratorium extension on principal & interest for 6 months, and freezing of SMA classification for another year. We are hopeful that the government will consider our appeal and will make urgent interventions this time,” said Harsh Vardhan Patodia, President, CREDAI National.</p>



<p>The apex developers’ body also feels that reducing the cost of construction materials, implementing single-window clearances for project approvals and work commencement, and allowing an input tax credit for all sectors will help the business. </p>



<p><a href="http://credai.org" target="_blank" rel="noreferrer noopener">CREDAI</a> deems that continued and adequate policy support is critical for the revival of the Indian economy, as the real estate sector accounts for 6–7% of GDP, is the second-largest employer, and is a business generator for over 270 ancillary industries in the country.</p>



<p>Also Read: <a href="https://squarefeatindia.com/flat-buyers-read-this-important-update/" target="_blank" rel="noreferrer noopener">Flat Buyers Read This Important Update</a></p>
<p>The post <a href="https://squarefeatindia.com/2nd-wave-95-developers-fear-project-delays/">2nd Wave: 95% Developers Fear Project Delays</a> appeared first on <a href="https://squarefeatindia.com">Square Feat India</a>.</p>
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